本报讯 为保持银行体系流动性充裕，1月8日，中国人民银行将以固定数量、利率招标、多重价位中标 方式开展11000亿元买断式逆回购操作，期限为3个月。（鲍仁） ...

来源丨中国人民银行 编辑丨金珊 北京官宣楼市新政，事关非京籍、多子女家庭购房 铜价突破1.2万美元创15年新高！大量铜被运往美国 最强牛股暴涨超600%，A股广东军团86股年内翻倍 SFC 21君荐读 12月24日，中国人民银行公告，为保持银行体系流动性充裕，2025年12月25日，中国人民银 行将以固定数量、利率招标、多重价位中标方式开展4000亿元MLF操作，期限为1年期。 ...

Group 1 - The People's Bank of China will conduct a 600 billion yuan reverse repurchase operation on December 15, 2025, to maintain liquidity in the banking system and ensure stable financial market operations [1] - As of the end of November, the balance of domestic and foreign currency loans reached 274.84 trillion yuan, with a year-on-year growth of 6.3% [1] - In the first eleven months, the increase in RMB loans amounted to 15.36 trillion yuan [1] Group 2 - The National Financial Regulatory Administration has released new regulations for bank custody business, effective from February 1, 2026, outlining prohibitive responsibilities and behaviors for commercial banks [2] - Key prohibitions include not assuming credit or market risks for custody products, not providing guarantees, and not participating in investment decision-making [2] Group 3 - The bank wealth management market has reached a new high, standing at approximately 33 trillion yuan, nearing the 34 trillion yuan mark [3] - Fourteen wealth management companies with over 1 trillion yuan in assets have seen a cumulative growth of about 3.43 trillion yuan in the first eleven months, with "fixed income +" products contributing significantly [3] - In the fourth quarter alone, these companies have grown by 1.67 trillion yuan, accounting for nearly half of the annual increase [3] Group 4 - The research interest in listed banks has surged, with 17 listed banks receiving 308 institutional research visits since the beginning of the fourth quarter [4] - The total number of research visits has reached 312, with city commercial banks and rural commercial banks being the main focus [4] - Hangzhou Bank has attracted the most research institutions, becoming the "most popular" in this round of research [4] Group 5 - Eight departments in Ningxia have jointly issued new policies for the real estate market, introducing twelve specific measures to support stable and healthy development [5] - The new policies include subsidies for newly built commercial housing and targeted subsidies for commercial properties, aimed at reducing the financial burden on homebuyers [5] Group 6 - Xu Zuo, former vice president of CITIC Group, was sentenced to life imprisonment for bribery and illegal business operations, highlighting a strict stance against financial sector corruption [6] Group 7 - Lu Hongxiao, vice president of the Gansu branch of Industrial and Commercial Bank of China, is under investigation for serious violations of discipline and law [7] Group 8 - Bank of China plans to issue two types of notes under a 40 billion USD medium-term note program, with applications for listing on the Hong Kong Stock Exchange [8][9] Group 9 - The resignation of Hou Bin, risk director of Suzhou Bank, was due to age reasons, effective December 10, 2025, and is considered a normal executive adjustment [10] Group 10 - Zou Yabin, vice president of the Hong Kong branch of Industrial Bank, is proposed to become the vice president of Xingyin Wealth Management, with the management team having undergone multiple adjustments in 2025 [11]

Group 1 - The People's Bank of China (PBOC) announced a reverse repurchase operation to maintain ample liquidity in the banking system [1] - The operation will involve a fixed amount of 1 trillion yuan (approximately 100 billion) conducted through a multi-price bidding method [1] - The term of the reverse repurchase operation will be 3 months (91 days) [1]

Group 1 - The People's Bank of China (PBOC) announced a reverse repurchase operation to maintain ample liquidity in the banking system [1][2] - The operation will involve a fixed amount of 1 trillion yuan (approximately 100 billion) with a term of 3 months (91 days) [1][2] - The bidding method will be based on fixed quantity, interest rate tendering, and multiple price bidding [1][2]

Core Viewpoint - The recent auction of the 2025 Central Treasury Cash Management deposits indicates a slight decrease in interest rates, reflecting a reasonable liquidity level in the banking system [1][3]. Group 1: Auction Details - On November 24, the Ministry of Finance and the People's Bank of China conducted an auction for the 2025 Central Treasury Cash Management deposits, with a total bid amount of 120 billion yuan and an interest rate of 1.73%, down 3 basis points from the previous rate of 1.76% [1]. - This auction marks the 12th operation of the year, covering various terms including 1-month, 2-month, and 3-month deposits, with recent operations showing a gradual decline in interest rates [3]. Group 2: Market Liquidity and Interest Rate Trends - The decline in treasury deposit rates suggests a reduced demand for these funds by commercial banks, indicating that the overall liquidity in the banking system is adequate [3]. - In contrast, the interbank market rates, as indicated by the Shanghai Interbank Offered Rate (SHIBOR), have shown a slight increase, with various tenors rising, particularly as month-end pressures increase [3][4]. Group 3: Monetary Policy and Future Outlook - The People's Bank of China has been actively injecting liquidity through various monetary tools, including a recent 338.7 billion yuan reverse repurchase operation, to support short-term liquidity in the market [4]. - The downward trend in the 1-month treasury deposit rate is expected to lower short-term funding costs for commercial banks, although the scale of this operation is limited and serves more as a signal [5]. - Future expectations suggest that the 1-month treasury deposit rate may remain stable, as the People's Bank of China maintains a consistent monetary policy stance despite seasonal tightening pressures at year-end [5][6].

Group 1 - The People's Bank of China will conduct a 1 trillion yuan MLF operation on November 25, 2025, to maintain liquidity in the banking system [1] - The operation will be conducted through a fixed amount, interest rate bidding, and multiple price level bidding method [1] - The term of the MLF operation will be for one year [1]

Core Viewpoint - The Shanghai Interbank Offered Rate (Shibor) has seen a significant increase across short-term products, with the overnight rate rising by 14.5 basis points to 1.508% on November 17, 2025, indicating tightening liquidity in the banking system [1][2]. Group 1: Shibor Rate Changes - The overnight Shibor rate increased by 14.5 basis points to 1.508% on November 17, 2025 [1][2]. - The 14-day Shibor rate is reported at 1.550%, which is higher than the 1-month rate of 1.520%, creating an inversion [1][2]. - Other Shibor rates include 1-week at 1.514%, 1-month at 1.520%, 3-month at 1.580%, 6-month at 1.620%, 9-month at 1.640%, and 1-year at 1.650% [2]. Group 2: Central Bank Actions - The central bank announced an operation to conduct a reverse repurchase agreement of 800 billion yuan with a fixed amount and interest rate, with a term of 6 months (182 days) on November 17 [2]. - This operation is aimed at providing liquidity support to the banking system amid tightening conditions [3]. Group 3: Market Analysis - The release of 500 billion yuan in new policy financial instruments in October has led to an increase in entrusted loans, which is expected to drive the issuance of medium to long-term loans [3]. - The upcoming maturity of bank interbank certificates in November is anticipated to further tighten liquidity, necessitating support from the central bank [3].

Core Points - The People's Bank of China conducted a 1,175 billion yuan reverse repurchase operation with a rate of 1.40%, maintaining the previous level, resulting in a net withdrawal of 3,578 billion yuan due to 4,753 billion yuan of reverse repos maturing on the same day [1] - The Shanghai Interbank Offered Rate (Shibor) showed slight fluctuations, with the overnight Shibor decreasing by 0.10 basis points to 1.3150%, while the 7-day and 14-day Shibor increased by 0.30 and 0.90 basis points, respectively, to 1.4150% and 1.4780% [1][2] Market Rates Summary - The weighted average rates for the interbank pledged repo market showed minor increases for DR001 and DR007, while other products experienced slight declines. Specifically, DR001 and R001 increased by 0.2 basis points to 1.3148% and 1.3621%, with transaction volumes rising by 155 billion yuan and 2,653 billion yuan, respectively [4] - The overall funding environment appeared relaxed, with significant liquidity in the market. The overnight repo rates fluctuated, with the lowest transaction rate reaching 1.30% by the end of the trading day [10] Upcoming Operations - To maintain liquidity in the banking system, the People's Bank of China plans to conduct a 700 billion yuan reverse repurchase operation on November 5, 2025, with a term of three months [13]

Core Viewpoint - The People's Bank of China has announced a significant liquidity operation to maintain ample liquidity in the banking system by conducting a 1.1 trillion yuan reverse repurchase operation with a term of 3 months [1]. Group 1 - The operation is set to take place on October 9, 2025, using a fixed quantity and interest rate bidding method with multiple price levels [1].